Permanent Damage to US Economy-Michael Snyder

Michael Snyder is a self-proclaimed “truth-seeker” and financial writer who says there is no recovery on Main Street, and we are not going to get one—ever. Snyder contends, “We’ve had permanent damage to the U.S. economy. It’s kind of like going to the beach, and you build a sandcastle. The waves start coming in, and the sandcastle is not going to be destroyed by the first wave. Then, more waves will come in, and eventually the whole sandcastle will be wiped out. That’s kind of what’s happening to the U.S. economy. We’ve had waves of economic problems, and we have had permanent damage as a result. Our economy is not totally destroyed yet, but we have permanent damage. Now, new waves are on the way, which will cause more damage because of the long term trends.” Snyder goes on to explain, “None of the long term problems that have been plaguing our economy have been fixed. Instead, the Fed printed a bunch of money and pumped up the stock market. It made people feel good, but the underlying fundamentals are not getting any better.”

On the nearly $18 trillion Federal debt, Snyder says, “This is a massive problem, but the mainstream media says the deficit is going down, and they have it under control. That is actually not true. It’s all accounting tricks and smoke and mirrors. Actually, if you look at fiscal year 2014, which just ended, . . . the national debt increased by more than a trillion dollars. What they tell you is the deficit was a little more than $400 billion, but that’s because they take all these things and say that doesn’t count as part of the deficit. . . . By the time President Obama’s eight years are over, we are on pace to approximately double the size of the national debt from $10.6 trillion to more than $20 trillion. What we are doing is absolute insanity. . . . We are going to suffer the consequences for so much of this. As far as the time window, I believe the next 12 to 15 months are going to be the most interesting time economically and as a nation as I have ever seen.”

The deficit problem is much worse than increasing by a cool trillion bucks a year. Snyder points out, “In addition to the $1 trillion a year it has to borrow, the Federal government has to roll over or pay off by borrowing new money–an additional $7 trillion a year. So, the Federal government has to borrow about $8 trillion to fund current spending and, plus, repay old debt with new debt. . . . So far, the rest of the world has played along by lending us trillions and trillions of dollars at super low interest rates. We keep borrowing, and we keep paying it off so we can keep the game going. If that changes, and all it’s going to take is a major financial event such as a stock market crash . . . or black swan event, then we are going to have a massive problem on our hands because we are going to have to borrow $8 trillion, and we will be in a situation where people won’t want to lend us money, especially at super low interest rates.”

What do you look out for as a warning sign of the next calamity? Snyder says, “When there is a financial crisis, all of a sudden, banks don’t want to lend. They don’t want to lend to each other, and they don’t want to lend to anyone else. Credit freezes up, and our financial system is based on debt and the flow of money from the banks lending it to the rest of us. I believe we will have a brief period of deflation before the response by the Federal Reserve and the federal government, where we are going to then have tremendous inflation through the roof.”

How can this be fixed? It can’t be fixed without killing the economy, as Snyder explains, “A lot of people say I hate the banks. Let the banks fail. This is kind of like a patient with a very advanced stage of cancer. That’s what our economy is like. We are so tied into these banks. If you try to kill the advanced cancer, you are probably going to kill the patient as well. If you try to kill the banks, our economy is going to die as well.”

About the Author

Greg Hunter

Greg is the producer and creator of USAWatchdog.com. The site’s slogan is “analyzing the news to give you a clear picture of what’s really going on.” The site will keep an eye on the government, your financial interests and cut through the media spin. USAWatchdog.com is neither Democrat nor Republican, Liberal or Conservative. Before creating and producing the site, Greg spent nearly 9 years as a network and investigative correspondent. He worked for ABC News and Good Morning America for nearly 6 years. Most recently, Greg worked for CNN for shows such as Paula Zahn Now, American Morning and various CNN business shows.

And according to BLS, about 70 million jobs out of 137 million total reside in government, health care and education. Around 40 million more in leisure, hospitality, law, insurance, finance and retail. Manufacturing is only 9% of total jobs. This upside down perversion is possible due to the dollars world reserve currency status, allowing our illegal central bank to print money and government to go into unprecedented debt. When this status fails, what happens to the “jobs” reliant on printing? What happens to population numbers that have risen in tandem with the debt based monetary system.

Looks like it’s going to be a VERY BRIEF period of deflation before the the currency wars, oil wars, and the INFLATION begin.
These factors will then be involved in a tug of war with worldwide Ebola DEFLATION.
Fascinating times, all right.

Returning incumbents to the US Congress will do NOTHING to fix this economic mess.
But, just watch on 4 Nov when a vast majority of incumbents seeking reelection will win.
So, in truth, the voters in America are to blame.

Correct and well stated…….however, a vote for a democrat is a vote for Eboma, Harry Reid, Nancy Pelosi (sp?) and their Amerika policies. Hold your nose and vote Rep. as they are less lawless and more afraid of the people. The pipeline could possibly go thru and the coal miners may still have a job. A Republican Senate can block some of the harmful legislation and may even be able to override Presidential vetoes. We’ve got to hang in there until this “Convention of States” thing , started by Mark Levin, can get up and running.

Hi Greg.
I follow the Economic Collapse blog but have never heard Michael Snyder speak. He really does have a vast amount of knowledge about the economy, delivers the unvarnished truth and has great insights. Hope to see him again.
I think we all need to realize once and for all that “they”, the money power elite, the Fed, the guv’mint, the multinationals are NOT WORKING FOR US. We need to get that through our thick heads! They are in a closed loop with their cronies – a loop that does not include us regular folks! I am certain that is why the top of the pyramid on the $1 is not connected to the bottom! “They” consider themselves separate and above.
So instead of criticizing their every move, the ONLY thing we need to shout loud about is the fact THEY AR NOT WORKING FOR US! Anything else is a distraction.
“Things” were not fixed after the 2008 crash because it wasn’t in the best interests of the money power elite to do so – not because they are stupid or incompetent! They know exactly what they’re doing at all times. Had things been fixed back then, several if not all of the Too Big to Fail banks would have failed because they were actually bankrupt and bankruptcy is what a free market demands! There would have been a short time of pain while the banks were being reorganized (Glass-Steagall reinstated?) and we would have recovered a long time ago. “They” know this but they didn’t do it because it didn’t serve THEM. That’s one thing.
The other thing that people keep saying is “If we don’t learn the lessons of history, we’re doomed to repeat them”. We need to get that history repeats itself because the money power elite WANTS history to repeat because those actions work for THEM. So why wouldn’t they repeat history? Wash, rinse repeat and bingo – they have ore money, power and control. Until now, we, the ordinary folks, have had no control over history repeating itself mainly because we kept falling for their propaganda and THAT is what dooms us.
The money power elite do, however, need our agreement and participation (in wars) to keep the cycle going. Now that we have seen and continue to see behind the curtain and understand that we are only included in their plans in order to further their agenda for themselves and now know our fine young men and women are fighting wars for the sole purpose of enriching bankers and corporations further, then we cannot with any conscience at all continue on as before. We must choose to STOP AGREEING and REFUSE TO PARTICIPATE in their plans. A good place to start would be to discourage anyone anywhere on the planet from joining the military! Empire needs force and violence and a vast military. Take that away and you’ve got paper tigers. To all of those honorable men and women out there who’ve already enlisted thinking that what they’re doing is protecting their country I say, “Open your eyes, refuse orders and STAND DOWN”!

A very informative interview that covered about every crucial area of concern.

If I had to pay a mortgage or make a rent payment today, I simply could not do it. The wages in my field have been stripped of every last incentive and overtime does not exist. If the hospitals are overrun with patients, they rally the part-timers. They must stop working, however, once they reach 28 hours a week. Nice, huh? Before 2008, it was one of the best jobs around if you had the skills. Now I process things like neurosurgery, oncology, infectious diseases, every specialty imaginable and absolutely must be 98.6% accurate — all that for what you can make at McDonalds. I was bringing in triple the pay I earn now. Why the change? BS excuse was in order to compete with the global market.

I have had to reach back to those things that worked after the Carter era. The difference this time is that I knew back then that if I could learn new and better paying skills and get by in the meantime, circumstance would turn around. This time, it is a matter of keeping yourself going within your own contained sphere, indefinitely to permanently.

When Obama took over, I converted my back yard into an orchard. I have oranges, tangerines, figs, pomegranates, peaches, lemon and lime trees, at least 3 of each kind of tree. I have conditioned the soil and purchased heirloom seeds galore. I have learned many home maintenance skills. Everything on my back is produced by my own hand. The only thing I haven’t mastered is making shoes. Yes, I make socks even.

A few bags of flour go a long way. This week I will fill the freezer with a Croatian bread that is mostly for holidays. Holiday is now everyday on that score. You roll the bread out like you would a pizza, fill it with poppy seed/raisins, apricots, walnut/raisins, peaches, whatever. You roll it up like a jelly roll, raise for an hour, and bake. Freezes well, nothing like baked bread. It is called potica. Pretty near everyone in E. Europe, Germany, Italy know what I’m talking about.

There are many “cottaqe craft” classes available (Joanns). I would learn the old-time home skills that were so common at one time. I crochet or knit my coats, sew coats and suits, and you name it. I do lacework also. I do not shop. You could not give me what is on the rack. Maybe mom or grandmother have these skills still. I would learn from somebody. Saves money, keeps your mind busy and focused. When I came to Arizona, I had no coat for the winter and no money to buy one. Bought some yarn and crocheted one over a weekend for $12, a maxi length coat. Tourists have asked me where they could buy one like it.

I had to learn scratch cooking and baking, actually ate so much better when I was starting out. I have a friend who makes soap (not soup), so I have bushels of that. I’m saying it is time to get basic, get creative, and think seriously of another kind of life — because it is coming.

Gold and silver is very good, but creature comforts will matter over the coming years.

Greg, This interview is likely the best I have ever seen. Your questions were precise. The answers covered a wide spectrum. You covered every issue in the economy. Just a masterpiece. Kind of reminds me of your interview with John Williams before 2008. Great information to spread to the unawares. Thanks.

Greg, very informative interview. I always like the charts. They spell it our pretty clearly where words always seem to fail.
Greg the collapse is coming much sooner than people realize. Take a look at the RMB bond sales in England.http://www.ecns.cn/business/2014/10-22/139483.shtml
It should be fairly clear to anyone with half a brain that we cannot continue to print money when no one is buying our bonds. This trend is happening world wide, and even our own Banks are buying in. The call for the end if the dollar as reserve currency is coming soon. And from what I’m hearing (which I can’t confirm) the Chinese are in full control of the Federal Reserve Bank now. Greg are you watching the trade platforms world wide? When was the last time the U.S. landed a contract with anyone?

Wealth and prosperity will come to those that hold and trade in RMB. Sell USD and buy RMB. RMB will revalue over time = given. It must based on the ever increasing international demand. The Chinese are smart…using inflated currency (RMB) to buy up real assets. Once they have all the trophy assets (using their inflated currency), they can then start the devaluation process. Kinda sounds like a rinse and repeat of the US model that existed for the last 40 odd years.
Jerry, no offence, but you sound like someone who is witnessing a slow motion train wreck. Can’t believe what the eyes are seeing.
Why do you say “This is totally unbelievable” …when all along you have known that the game was up…the greatest Ponzi scheme known to mankind. Keep in mind…its not the US that brings about the overdue change. Nor would TPTB want to. CHINA has stepped up to the plate.

Firstly, China is not using RMB to buy the assets that they are after. They are using their massive accumulation of US dollars in their foreign reserves, to purchase what they want. They are doing this as quickly and as quietly as possible, before the USD turns into confetti, without spooking the FX market.

The purported RMB Canadian hub article is just so much pipe dreaming. This is just a proposal put forward by the national chamber of commerce. The two premiers of Canada’s two most western provinces have been pushing for this for the past couple of years. It won’t happen. Prime minister Harper and his conservative toadies will tow the Bay Street (Canada’s equivalent of Wall street) line and protect their cartel advantage.

Jerry is so correct. We’ve been sold out by our bought and paid for politicians. From the Bush’s, Clinton’s and Obama. Look up eo, Bush Sr. father, Prescott Sheldon Bush (May 15, 1895 – October 8, 1972. Wall street banker that helped finance Hilter in WW2. Obama, I was told by my CIA friend, was “PUT” into office to destroy the dollar and destroy America , spend us into oblivion. That’s the only thing he has done.
Look at what he does– not what his lying mouth says. How can any intelligent person believe this enpty suit!

Accidents, coincidences and conspiracy theories……
Take at look at this clip about NWO….(only 1:47 mins)…hits the mark.http://www.youtube.com/watch?v=AXcpI5o99x4
Note the date of the speech…9/11/91
What other event comes to mind when considering the date 9/11……?
Who was in office at the time …none other than Bush II.

America (as a country) has abandoned God and squandered its God-fearing Founders’ Republic. I say, ‘Let the banks fail.’ Liberty trumps the flag we live under. If our children are to be free, pray that the evil ‘Police State’ goes down with the banks. If you (Men especially) have not done your best to protect your loved ones for the inevitable chaos, shame on you.

“I’ll Come To Your Place When SHTF” – No You Won’t
By Glen Tate | 299 Days

(This post is something you can send to your friends or print out and hand to them when SHTF.)

Dear Friend:

I love my friends, but I will shoot you if I have to. I’m serious. Here’s why.

I tried to persuade you to prepare for what’s coming and, in the process, revealed that to you that I’m preparing. You realized that I have food, guns, etc., and ended up saying, half kidding but half serious, “I’ll come to your place when SHTF.”

No you won’t. I will shoot you. If you threaten me and my family, I will use force to defend against any threat. And showing up at my place hungry and unprepared is a threat to me. You will eat my food and use up my medical supplies, generator, firewood, etc. That’s less of these life-saving things for me and my family. That’s a threat.

Is this greed on my part? No. I will take care of the truly needy – those who cannot take care of themselves. But you are different. Very different. You had plenty of chances to prepare for yourself.

But what did you do? You spent the weekends watching football, went on expensive vacations, and never made your spouse mad at you with your “crazy” ideas that something bad was happening. You didn’t do shit because… you would just come to my place. Problem solved, right? You didn’t need to spend time, money, and create domestic strife because I did that all for you.

Not. Why should I spend my time, money, and stress just so you can waltz into my place and live happily ever after? I’m a nice guy, but – really? – I’m going to spend my (very limited) free time, disposable income, and domestic tranquility just so you can have a leisurely life and more material comforts pre-Collapse while I don’t?

Why do you think I will sacrifice enormous amounts of my time and money so you can enjoy yourself while I’m slaving away? Would you assume you could come over and leave your broken car at my house? That I would just spend thousands of dollars on parts and several weekends fixing it and then hand it over to you with a smile – just because I’m a “good guy”? Would anyone expect that?

You do, apparently. You actually expect to waltz over to my cabin and receive – with a smile – thousands of dollars of food and other supplies that took me all my weekends to acquire and store.

So, my grasshopper friend (as in the story of the grasshopper and the ant), here is your official warning: if your “plan” for your and your family’s safety is to come to my place, you’re wrong. When you show up, I’ll ask you to leave. When you don’t, I’ll point a gun in your face. If you refuse to leave, I will shoot you. You are a threat to me.

You had years of time and very clear warnings to get ready. But you didn’t. Hey, I love football but haven’t been able to watch a game in a few years; I’ve been fixing up the cabin, buying supplies, and training with the Team. I spent a lot of money doing all these things so I haven’t gone on a long vacation in… forever. I have had several difficult times with my wife because of all the prepping I’m doing; I could have easily done what you did, which is just say “Yes, dear” and not prepare because she didn’t want you to.

I hope this message jolted you. There’s still some time. Go prep. Please understand that your plan cannot be “I’ll come to your place.” I don’t want to shoot you.

299 Days

Glen Tate” (not his real name) is a lawyer and political person in Olympia, the state capitol of Washington State. He was a secret prepper, hiding his activities from his wife – and he wrote the ten-book 299 Days series in secret, too.

Allen,
While I think I understand the sentiment expressed in this post, quite frankly I cannot agree that such action can honestly be recommended as a first response to someone, especially someone we may be acquainted with and whom we may have warned, who “shows up at my place” when that ever anticipated SHTF moment occurs. Have you ever killed someone at point blank range with a handgun? I personally have not. I wonder how many people there are who have and later lived to regret they did so. To merely conclude, as this writer does that someone just “showing up at my place” is a threat must be comprehended more clearly. Obviously defending oneself and one’s family against roving bands of armed gangs looking for food and whatever else that can be taken is one thing, but someone showing up “in need”, even if they were forewarned and “failed to prep” as the writer says- is not necessarily a threat. I wonder if there are individuals and groups out there whose preparations include planning for just such a scenario so that in addition to providing a much welcome meal or drink will also share the good news of Jesus as the Christ as ambassadors of the grace of God in Christ Jesus. Of course, as the scripture also says, “if someone does not want to work neither should he eat” (2 Thess. 3:10). Remember, “it was while we were yet weak, in due time Christ died for the ungodly” (Rom. 5:6). It was we, when we were dead in trespasses and sins with nothing at all to offer at the eternal bargaining table for the salvation of our souls that the God and Father of our Lord Jesus Christ offered us a full pardon and change of destiny through the willing sacrifice of His Son. If this seems too much, or too generous to the undeserving, or to hard to believe, then I would ask you to recall the account of George Mueller who just on the basis of faith in the God and Father of our Lord Jesus Christ was witness to hundreds of answers to prayer on a daily basis in the meeting of the daily needs for as many orphaned children in his lifetime. None of us knows how this will play out, but we can be sure of His faithfulness to go beyond even that for which we can ask or think. By looking to Him for the faith and grace to do so may mean that in addition to the lives of loved ones being spared, we may witness the marvelous administration of the grace of God in saving many many others through offering them the same opportunity to be reconciled to God through faith in His Son at a time when it really has dawned on them that all their other options have run out and the time for playing games and being in denial is over. The grace and peace of our Lord Jesus Christ be richly with your spirit Allen.

Mark, What your trying to say and some don’t like to hear is, the end of this present system is not the end of the world,
“13 But he that shall endure unto the end, the same shall be saved.to those that endure to the end,” Matthew 24:13 King James Version (KJV)

There’s a better world coming for those that don’t lose faith,

Proverbs 3:5-6Amplified Bible (AMP)

5 Lean on, trust in, and be confident in the Lord with all your heart and mind and do not rely on your own insight or understanding.

6 In all your ways know, recognize, and acknowledge Him, and He will direct and make straight and plain your paths.

Amen! “God is faithful through Whom you have been called into the fellowship of His Son, Jesus Christ our Lord” (1. Cor. 1:9) and ” for the love of Christ constrains us because we have judged this, that One died for all, therefore all died; and He died for all that those who live may no longer live to themselves but to Him who died for them and has been raised. So then we, from now on, know no one according to the flesh; even if we have known Christ according to the flesh, yet we know Him so no longer. So then if anyone is in Christ, a new creation. The old things have passed away; behold, they have become new. But all things are out from God, who has reconciled us to Himself through Christ and has given to us the ministry of reconciliation; namely, that God in Christ was reconciling the world to Himself, not accounting their offenses to them, and has put in us the word of reconciliation. On behalf of Christ then we are ambassadors, as God entreats you through us; we beseech you on behalf of Christ, be reconciled to God. Him Who did not know sin He made sin on our behalf that we might become the righteousness of God in Him (2 Cor. 5:16-21). The grace and peace of our Lord Jesus Christ be richly with your spirit!

Hi Allen,
After posting I read again the author’s comment (probably something I should have done before posting just to be sure he actually said what I thought he was saying). Anyway he does say plainly ” if you THREATEN ME AND MY FAMILY , I WILL USE FORCE TO DEFEND AGAINST ANY THREAT” . That statement alone clearly indicates that this is a situation which has gone beyond working out a peaceful agreement with some form of barter or the unprepared person agreeing to honor and respect the rights and property of his prepared neighbor and gracefully leaving and trusting the Lord to lead him to a situation that is mutually agreeable with someone else and in that regard we still have Constitutionally protected rights of which is the 2nd Amendment. Reminds me of the saying “when seconds count, the police are only minutes away.” The grace and peace of our Lord Jesus Christ be with your spirit Allen.

Greg, a little late for the party, Thursday AM. Your comment to Diane, anyone not seeing this or preparing will suffer greatly. Would you be so kind recommending what you see as the most important recommendations. maybe your top 5 or 6. Thank you in advance.

Mike,
Food, water, good working vehicle, energy efficient house, cash outside the banking system in small bills and of course gold and silver coins. You also might want to think about some home protection.
Greg

Go easy on us men. We have been attacked for being men. Told by the Queer Eye crowd that manly things were not acceptable. That we should concern ourselves with frivolous wants. That fighting for what we believe is unacceptable and that we should instead share our feelings and deal with our lot in life. We’ve been poisoned by estrogen in our drinking water from all the birth control pills. There are few real men left.

Why would anyone want to work for W-2 income when they are forced to pay 28 to 30% tax to have a job? I paid 40% on bonus income once and it was the last. As a young mellenial I question why I should be more productive because all my extra earnings go strait to taxes to fund the madness of the government.

My household tax bill got to 46% at its highest. This outraged me! So I quit my job to learn more about taxes. I lowered my tax bill to more manageable levels and naturally took the path of entrepreneurship. If you want to keep more of your earned income you must be an entrepreneur. (Its’s just the way the game is set up.) I wish more younger people could see the benefits of have a small side business, but they have to understand W-2 income and taxes first.

Good job, Nichole. I did the same as you. Quit my job and started a little side business. It never crossed my mind to start my own business when I was younger, since we were told and geared in school to be an employee. Only when I stepped out into the real world and decided that being an employee wasn’t for me.
I’ve also learned to live with less. You’d be surprised how much time you have on your hands when you stop keeping up with the Joneses. Anyhow, I wish you all the success in the world in what ever you wish to pursue. Cheers.

Excellent interview Greg. Michael Snyder is dead right in his thesis and prognosis. Many people refuse to believe what is about to happen to them. Years ago I gave up trying to save the world and trying to warn people of the coming catastrophe and instead just started looking out for myself and my family. Like the story,in the Bible, of Noah and the Ark people just refuse to look at the gathering clouds of the economic storm that is about to hit envelope them. With that said,a majority of the American population either are employed by or are living off of government. Many of these net tax consumers are living under a myth that they don’t have to worry about the economic storms of life. That somehow they are “safe.” Nothing could be further from the truth. When the economy collapses and the taxes aren’t there or,due to money printing,the ongoing inflation destroys their purchasing power massive layoffs and cutbacks will occur. When you see masses of government employees and an army of welfare recipients rioting in the streets,like recently in Greece and other countries,then you will then know that America has finally hit rock bottom. Maybe then, Americans will realize that there is no such thing as a free lunch.

If you believe that we are going to have a complete economic collapse and that savings and retirements accounts will be wiped out, real estate will be wiped out, etc. I don’t see that those few who have a basement full of food, ammo and PM’s will be any better off after the food and ammo is gone. Let’s face it, a collapse like Michael is predicting is going to bring chaos in the streets. The government will crack down (if it can), so we will be under a police state or no state at all. The government will confiscate whatever wealth in whatever form you have; or the unruly masses will just steal it. I don’t think just an event is really survivable.

With that train of thought…sounds like you’re just going to give up and die when things get bad.

For those of us that have the will to survive…we know that preps are not to live off of indefinitely; they are to survive through the initial chaotic period where many of the unprepared will die off. The survivors can and will rebuild after the dust has settled.

A little more energetic, perhaps, but essentially the same presentation as Dr. Numbers, John Williams. This situation cannot be permanently forestalled. It will catch up to us, and the world, sooner or later. The world knows this, and I believe they are intimidated by this elephant in the room. As Greg points out all the time, the world has never experienced a catastrophe of this degree, so no one knows how to proceed or what the consequences might be. Were you apprehensive the first time you jumped off the high-dive board? Would you have done it with no water in the pool? Best always. PM

Good interview
Everyone’s insurance premiums are going up. But don’t worry- the money we spend on insurance premiums counts as “consumer spending” and as part of the “GDP”
Those readings are up so things must be on the up and up!

Greg: Pastor Lindsey Williams said in late 2013 the the elite’s plan was to destroy the middle class- this is now easily seen happening and will get much worse. He said they will tax middle class families into oblivion, taxes at all levels, fees, etc.
They only want two classes- super rich (them) and the poor to serve them( our children).
It’s happening right in front of people and they can’t see it- blinded by the lies from the communist media.

I can not agree on a deflation scenario.
To understand why we are at a very low risk of deflation you only need understand the monetary system.

When a debt based system hits a bump it can very easily go into free fall if deflation is not kept under check.

The federal reserve is very fearful of deflation so they will print as much money as needed to avoid it. The Federal Reserve will not Raise rates next year or the year after.

This is why Paul Craig Roberts and others have said we may see a inflationary depression.
So what in god’s name is a inflationary depression?

It’s a transition!

From a free market economy to a highly controlled and ever increasing socialist economy.

As this economy keeps shrinking and the food stamp numbers keep growing name brand food companies will have problems going forward.

The fact that most people will no longer be able to afford Kellogg’s Corn Flakes and will be buying lower cost name brand products is not a deflationary event.
It’s inflationary as quality is given up for lower price.

I can not see how we have some out there saying the housing market will again boom or that the US dollar will regain strength.

We have a jobless rate that is beyond horrible and no light at the end of the tunnel.
Not even a train coming!

Just had a visit from my insurance agent yesterday and the premiums for our small group health plan is going up about 11%. Not bad I suppose with the world coming to an end.
I had told our insurance guy who is also a good friend that it might not really matter as I honestly think we will all be living soon in a world of Mad Max where we will be licking the insides of empty dog food cans. He thought I wasn’t serious, as nearly every other person I broach this subject with. I just can’t help it, I find it irresistible to pick the brain of a person I consider somewhat smart and well-informed to see what they are thinking about America’s current situation. None seem to be ever as worried as me.
As for employment, it’s obvious that America is spiraling down into the bottomless pit of extreme poverty. As for food, you can count on it getting much more expensive as food supplies are going to dwindle. I’m spending today productively, as a diversified California farmer, filling out new forms for the Irrigated Land Regulatory Program that our state recently mandated, which is basically a new tax and another layer of Sacramento bureaucracy on farming. I find it absolutely terrifying that California is running out of water and our government thinks it can fix things with more bureaucracy and by regulating our existing water out of existence. They really want to regulate and stop the pumping of groundwater (which they don’t publicly say), which is the only source of water that has kept California agriculture from collapsing in the crop year of 2014.
Watch out next year! I honestly believe that California may be in for one helluva whopping crop failure without irrigation. It almost seems to me that our state and federal governments are hastening the demise of our nation, in every way I can think of — money, health care, food, private property, private industry, expanding gov’t, etc.
Like I said before, I will consider ourselves to be really lucky if we aren’t one giant police state and/or occupied by a foreign nation or two.

Editor’s Note from Jim Rickards: The following article describes a fictional dystopia in the spirit of Brave New World or 1984. It is not a firm forecast or prediction in the usual analytic sense. Instead, it’s intended to provide warning, and encourage readers to be alert to dangerous trends in society, some of which are already in place. Thank you.]

As I awoke this morning, Sunday, Oct. 13, 2024, from restless dreams, I found the insect-sized sensor implanted in my arm was already awake. We call it a “bug.” U.S. citizens have been required to have them since 2022 to access government health care.

The bug knew from its biometric monitoring of my brain wave frequencies and rapid eye movement that I would awake momentarily. It was already at work launching systems, including the coffee maker. I could smell the coffee brewing in the kitchen. The information screens on the inside of my panopticon goggles were already flashing before my eyes.

Images of world leaders were on the screen. They were issuing proclamations about the fine health of their economies and the advent of world peace. Citizens, they explained, needed to work in accordance with the New World Order Growth Plan to maximize wealth for all. I knew this was propaganda, but I couldn’t ignore it. Removing your panopticon goggles is viewed with suspicion by the neighborhood watch committees. Your “bug” controls all the channels.

I’m mostly interested in economics and finance, as I have been for decades. I’ve told the central authorities that I’m an economic historian, so they’ve given me access to archives and information denied to most citizens in the name of national economic security.

My work now is only historical, because markets were abolished after the Panic of 2018. That was not the original intent of the authorities. They meant to close markets “temporarily” to stop the panic, but once the markets were shut, there was no way to reopen them without the panic starting again.

My work now is only historical, because markets were abolished after the Panic of 2018.

Today, trust in markets is completely gone. All investors want is their money back. Authorities started printing money after the Panic of 2008, but that solution stopped working by 2018. Probably because so much had been printed in 2017 under QE7. When the panic hit, money was viewed as worthless. So markets were simply closed.

Between 2018–20, the Group of 20 major powers, the G-20, abolished all currencies except for the dollar, the euro and the ruasia. The dollar became the local currency in North and South America. Europe, Africa and Australia used the euro. The ruasia was the only new currency — a combination of the old Russian ruble, Chinese yuan and Japanese yen — and was adopted as the local currency in Asia.

There is also new world money called special drawing rights, or SDRs for short. They’re used only for settlements between countries, however. Everyday citizens use the dollar, euro or ruasia for daily transactions. The SDR is also used to set energy prices and as a benchmark for the value of the three local currencies. The World Central Bank, formerly the IMF, administers the SDR system under the direction of the G-20. As a result of the fixed exchange rates, there’s no currency trading.

All of the gold in the world was confiscated in 2020 and placed in a nuclear bomb-proof vault dug into the Swiss Alps. The mountain vault had been vacated by the Swiss army and made available to the World Central Bank for this purpose. All G-20 nations contributed their national gold to the vault. All private gold was forcibly confiscated and added to the Swiss vault as well. All gold mining had been nationalized and suspended on environmental grounds.

The purpose of the Swiss vault was not to have gold backing for currencies, but rather to remove gold from the financial system entirely so it could never be used as money again. Thus, gold trading ceased because its production, use and possession were banned. By these means, the G-20 and the World Central Bank control the only forms of money.

Some lucky ones had purchased gold in 2014 and sold it when it reached $40,000 per ounce in 2019. By then, inflation was out of control and the power elites knew that all confidence in paper currencies had been lost. The only way to re-establish control of money was to confiscate gold. But those who sold near the top were able to purchase land or art, which the authorities did not confiscate.

Those who never owned gold in the first place saw their savings, retirement incomes, pensions and insurance policies turn to dust once the hyperinflation began. Now it seems so obvious. The only way to preserve wealth through the Panic of 2018 was to have gold, land and fine art. But investors not only needed to have the foresight to buy it… they also had to be nimble enough to sell the gold before the confiscation in 2020, and then buy more land and art and hang onto it. For that reason, many lost everything.

Land and personal property were not confiscated, because much of it was needed for living arrangements and agriculture. Personal property was too difficult to confiscate and of little use to the state. Fine art was lumped in with cheap art and mundane personal property and ignored.

Stock and bond trading were halted when the markets closed. During the panic selling after the crash of 2018, stocks were wiped out. Too, the value of all bonds were wiped out in the hyperinflation of 2019. Governments closed stock and bond markets, nationalized all corporations and declared a moratorium on all debts. World leaders initially explained it as an effort to “buy time” to come up with a plan to unfreeze the markets, but over time, they realized that trust and confidence had been permanently destroyed, and there was no point in trying.

Wiped-out savers broke out in money riots soon after but were quickly suppressed by militarized police who used drones, night vision technology, body armor and electronic surveillance. Highway tollbooth digital scanners were used to spot and interdict those who tried to flee by car. By 2017, the U.S. government required sensors on all cars. It was all too easy for officials to turn off the engines of those who were government targets, spot their locations and arrest them on the side of the road.

In compensation for citizens’ wealth destroyed by inflation and confiscation, governments distributed digital Social Units called Social Shares and Social Donations. These were based on a person’s previous wealth. Americans below a certain level of wealth got Social Shares that entitled them to a guaranteed income.

Those above a certain level of wealth got Social Donation units that required them to give their wealth to the state. Over time, the result was a redistribution of wealth so that everyone had about the same net worth and the same standard of living. The French economist Thomas Piketty was the principal consultant to the G-20 and World Central Bank on this project.

By 2017, the U.S. government required sensors on all cars.

To facilitate the gradual freezing of markets, confiscation of wealth and creation of Social Units, world governments coordinated the elimination of cash in 2016. The “cashless society” was sold to citizens as a convenience. No more dirty, grubby coins and bills to carry around!

Instead, you could pay with smart cards and mobile phones and could transfer funds online. Only when the elimination of cash was complete did citizens realize that digital money meant total control by government. This made it easy to adopt former Treasury Secretary Larry Summers’ idea of negative interest rates. Governments simply deducted amounts from its citizens’ bank accounts every month. Without cash, there was no way to prevent the digital deductions.

The government could also monitor all of your transactions and digitally freeze your account if you disagreed with their tax or monetary policy. In fact, a new category of hate crime for “thoughts against monetary policy” was enacted by executive order. The penalty was digital elimination of the wealth of those guilty of dissent.

The entire process unfolded in small stages so that investors and citizens barely noticed before it was too late. Gold had been the best way to preserve wealth from 2014–18, but in the end, it was confiscated because the power elites knew it could not be allowed. First, they eliminated cash in 2016. Then they eliminated diverse currencies and stocks in 2018. Finally came the hyperinflation of 2019, which wiped out most wealth, followed by gold confiscation and the digital socialism of 2020.

By last year, 2023, free markets, private property and entrepreneurship were things of the past. All that remains of wealth is land, fine art and some (illegal) gold. The only other valuable assets are individual talents, provided you can deploy them outside the system of state-approved jobs.

Greg, the religion of peace is at it again, this time in Canada. Meanwhile ISIS Kills Over 700 People yesterday in Syria’s Deir Ezzor Province. Fighters from the Islamic State (ISIS) have “shelled, beheaded, crucified and shot” over 700 people from the Shaitat tribe after they rose up against the extremists. The tribal revolt took place in Abu Hamma, Syria’s eastern oil-rich province of Deir Ezzor. The massacre is believed to be the largest atrocity committed in Syria by ISIS to date. This is reported all over the world including by the Washington Post but don’t expect to hear about it from Brian Williams. Mr. Williams needs to turn in his journalist degree and wipe the brown dung off his nose and start acting like a real reporter. But don’t worry and fear not, they are just misguided religious fanatics who need sensitive training. Counseling should be considered punishment enough for a first offence beheading. This Jihad will continue unabated until the Government stands up to the religion of peace and calls a spade a spade.

Did anybody catch Major Ed Dames last night on Coast? Mano mana Shevitizes! Western civilization is finished in the west, still alive in Russia because unlike Obama, Putin loves his country and Dames is finding refuge there. He said Japan is sunk, the genetic damage to the population is irreparable and the only way out for the Island nation is abandonment. The same goes for the west coast of the US. and it’s all coming down this year. There is no way out and our only hope is somebody out there intervenes in human affairs and saves our souls and I didn’t even mention the solar flares, he’s expecting! The perfect storm? Well he concomitantly is expecting the worse but hoping for the best, but the 64,000 dollar question is, is if anybody is out there, will they even be able to help us, or even care too? Major Ed Dames is a voice in the wilderness that needs to be heard on this site, 2014 will soon be history, along with that other infamous 14 of a hundred years ago, we mustn’t tar’e! Future truth is marching on!

Dear Mr. Hunter, wanted to leave with you the above website for your viewing. The web page, if you will click on the countries menu, will show a comparison between 2013 and 2025, of the counties populations, budgets, military budgets, per capita incomes, GDP, and so forth. As you choose United States, look at the projected differences in specific, population of 2013 verses 2025. It seems someone in our government predicts a population decrease of astronomical proportion. We are being set up it seems for population reduction and third world country status.

Not only the USA, but the NATO allies as well. Look at United Kingdom for instance. Deagel is predicting half their population to be wiped out. They had it posted the other day that they were obviously predicting a collapse of western civilization.

It is in this writers opinion,that if you keep quite about a given event or pretend it did not happen,( IE: Fukushima) or if you alter the numbers of any report (IE: unemployment numbers 0r job creation) or even taking a poll ( IE: Economic recovery,Obama popularity numbers or the voting results in the last 2- Presidential election cycles), you can make those numbers look good to just about anyone.
With the support of the drive- bye media, this administration and it’s anti-America policies are taking root, against just about every facet of this great nation. From our schools,to our churches, to our businesses, the economy,law enforcement,our military and especially “The Constitution Of the United States”. The rule of law is being thrown out and no one dares to say” Just say no” for the right’s of man!
This current administration has chosen to fundamental change America, with a conspiracy of silence,fraud,intimation and down right criminal acts. They believe that the ends justified the means. Executive orders have replaced debate on important decisions facing this Republic. And no one wants to think that our country is now being governed with Marxist ideas and sympathizers. Our country has 5th columnist ( WW- II speaking points) running America. So you think that if they get the other guy, that in the end they will not come for you and your family. You can count on it one way or another. They will!
The issues facing us today, did not start with the Obama Administration,they have been brewing for years. However,they were given warp drive priority with this group of politicians.
The John & Jane Does, of America, the group that our forefather’s called ” We the People”, this rabble as the British called us, can not go quietly into the night. Surely, your not going to give up on Lady Liberty and what this “Last Bashton of Freedom means or has meant to so many.
Don’t leave it to the other guy to do something to defend the “Republic”. You can not forget that our son’s and daughter’s,our father’s, grandfather’s and Uncles, fought and died for our Freedoms.
Return to the script written by our forefather’s The Constitution Of the United States. Remove the tyrants who choose to destroy America from within. They will stop at nothing to convince you that the world would be better place without America and without you and me.
This nation has much to offer to it’s citizens and to the world. Getting back to standards and morals that may seem old fashion,like paying our debt’s and spending no more money then we can afford,might be a good place to start. And some old fashion kindness to our neighbors,too. Wouldn’t hurt either.
America’s past and future depends on all of us making a stand at the Alamo and from “sea to shinning sea”. I can’t make it any clearer then that. Signed a citizen of the United States Of America. I am southern Patriot

Harvey Organ: LBMA to Stop Publishing GOFO Rates!http://www.silverdoctors.com/harvey-organ-lbma-to-stop-publishing-gofo-rates/
I do think the forecast of Harey Organ that Silver shortes coming in 2014 is 100% correct!
In Germany silver coins sale are very strong over the last 3 weeks. And Germany is only a small country compared to others countries. If they do not find a very big silver rock, they have to close the comex this year.

Greg Hunter and Michael Snyder unfortunately say several things that are not accurate.

Michael Snyder states that the US has BUILT China’s economy. That is not true. China is really the one that has built up it’s own economy. The US has just helped China to build up it’s own economy by sending some jobs overseas.

They state that there has been NO economic recovery. That is not true. There has been an economic recovery, just not a very strong one. Mike Snyder quotes the NY Times and says the average American household wealth is down 36% from 2004. No kidding. We had a real estate bubble back then. Real estate was a big part of people’s net worth. Wealth was inflated in part due to this. The recession did not begin until 2007. So if we look at average American household wealth back in 2009 when the recession ended and compare it today you will see there has been improvement. Just not back to pre-recession levels which were inflated somewhat because of the housing bubble.

Mike Snyder states that the price of EVERYTHING is going up CONSTANTLY. That is clearly false. The price of EVERYTHING is not going up CONSTANTLY. I know a number of things that have not gone up in years. A few things have even gone down in price.

I have not even gone through half of this video yet but I am sure when I do I will find more inaccuracies. I am not saying that everything is good, because it is not, but just that that there has been a general improvement in the economy since 2008-2009. And yes there are more jobs available then there was back in 2009.

I find it is not uncommon for people who are a little on the gloom-and doom side to sometimes exaggerate things and cherry pick their data to their benefit.

Greg Hunter mistakenly says that food inflation is not counted by the government in the 2% number, meaning the CPI. The fact is that food and energy prices are included in the CPI which is widely reported and is currently 1.7% over the last 12 months. Food and energy prices however are not included in the core CPI.

Michael Snyder says that there is permanent damage to the economy. Without question there has been long lasting damage to the economy. Everyone knew it would take years for the economy to recovery because of the depth of the recession/depression. To say that the damage is permanent is something that no one knows.

When it comes to derivatives, Michael Snyder says that 5 of the 6 “too big to fail” banks each have over $40 trillion exposure to derivatives. I just to expand upon this. This amount is the notional value, not what they could lose. Very rarely does anyone’s losses in a derivative come close to the notional value. Plus in derivatives you have winners and losers. Not every derivative is going to lose money. Some will make money. And certainly the losses will not even be close to the notional value. That was the case for AIG, Lehman Brothers, Bear Stearns, LTCM. Their derivative losses were only a fraction of the total notional value which was still enough to put them out of business. So no, it is highly unlikely that the big banks will have losses in the tens of trillions of dollars because of derivatives as some fear mongers and doomsayers believe. But the losses could still easily be in the trillions of dollars.

Exposure to derivatives is an issue in the context of losses (net) sustained vs Assets held by the financial institution.
The point is (which MS didn’t delineate) with the leverage on derivatives bets if losses are sustained, would more than likely wipe out the capital. Instant BANKRUPTCY.
Its worth mentioning again that Deutsche Bank in Germany is one to watch. I would put that ahead of Citi/JPM in terms of “one most likely” although none of those are immune.

You are correct. This is why the Federal government is working to get these big banks to have less exposure to derivatives and are currently making plans that would limit the damage should a big bank get into trouble because of derivatives. I believe the odds of a complete financial meltdown because of derivatives in the US is slim.

Silence is Golden 10/21/2014 •
Have to admit that I thought the 2 way conversion fee was a “given” (well known and accepted). Then again dealing with this stuff repeatedly over the years does create an automatic discounting of non-essential info….for me at least. I don’t normally take things for granted. Thanks for bringing some level headedness and equality to the table here Allen. Did you also know about payment and collection fees for international wire transfers on top of the conversion fees ?
The USD has been a nice little earner for the BANKS in many nefarious ways.

Did you also know about payment and collection fees for international wire transfers on top of the conversion fees ?

sig; No I am clueless, but tks for info, I rely on good comment analysis from you smarter brain pool here at usawd. I is why I support the site.

Greg,
Sold TZA at 19.00 and smiling. Bought TNA at 55.50 and could not hold it long. If daytraders would follow the Bullinger bands. They would make a killing. I have problems holding the plunge protection. I believe that Wall Street moves the market through it’s media outsource. Wall Street likes to create volatility. The situation in our country is in makes me sick.

Greg, Allen, Paul, WD, and anybody who’s paying attention.
I’m seeing a steady downward trend in the bond market right now, and I can’t help but think that there is some correlation to what’s happening with RMB. The RMB market is literally exploding world wide right now, and there is even talk of a trade platform being set up in Canada soon. When you couple that with the fact that the Chinese have seized control of the Gold market from Shanghai, I just don’t see how the banking cabal can continue to manipulate the markets much longer. Especially having to pump up the dollar with QE when no one is buying our bonds outside of the United States.

I am not an economist, but it sure looks like to me, that countries around the world are hitting the exits from the dollar. In fact I’m seeing the banking cabal buying into the RMB themselves (IE CITI BANK), from the report I read on RMB news. So what does it mean when a US Bank buys Bonds from a foreign Bank? To me it says they don’t see much future in investing in the dollar? What say you?

If that’s true, this collapse is going to take place very quickly once the Banks feel they are in a position of strength with the Chinese, and can cover most of their asset’s from the safety of the gold backed RMB. Again. Your thoughts?

“I’m seeing a steady downward trend in the bond market right now”. Where? Have you looked at a chart of the bond market for the year? There is no downward trend. And no, a pullback of a couple of days from the upward trend in the bond bull market is not a trend.

“No one is buying our bonds outside of the United States”. Really? No one? Sorry but that is simply not true.

“countries around the world are hitting the exits from the dollar”. Only a few countries would appear to be doing that.

“So what does it mean when a US Bank buys Bonds from a foreign Bank?” Answer: Diversification.

I love my friends, but I will shoot you if I have to. I’m serious. Here’s why.

I tried to persuade you to prepare for what’s coming and, in the process, revealed that to you that I’m preparing. You realized that I have food, guns, etc., and ended up saying, half kidding but half serious, “I’ll come to your place when SHTF.”

No you won’t. I will shoot you. If you threaten me and my family, I will use force to defend against any threat. And showing up at my place hungry and unprepared is a threat to me. You will eat my food and use up my medical supplies, generator, firewood, etc. That’s less of these life-saving things for me and my family. That’s a threat.

Is this greed on my part? No. I will take care of the truly needy – those who cannot take care of themselves. But you are different. Very different. You had plenty of chances to prepare for yourself.

But what did you do? You spent the weekends watching football, went on expensive vacations, and never made your spouse mad at you with your “crazy” ideas that something bad was happening. You didn’t do shit because… you would just come to my place. Problem solved, right? You didn’t need to spend time, money, and create domestic strife because I did that all for you.

Not. Why should I spend my time, money, and stress just so you can waltz into my place and live happily ever after? I’m a nice guy, but – really? – I’m going to spend my (very limited) free time, disposable income, and domestic tranquility just so you can have a leisurely life and more material comforts pre-Collapse while I don’t?

Why do you think I will sacrifice enormous amounts of my time and money so you can enjoy yourself while I’m slaving away? Would you assume you could come over and leave your broken car at my house? That I would just spend thousands of dollars on parts and several weekends fixing it and then hand it over to you with a smile – just because I’m a “good guy”? Would anyone expect that?

You do, apparently. You actually expect to waltz over to my cabin and receive – with a smile – thousands of dollars of food and other supplies that took me all my weekends to acquire and store.

So, my grasshopper friend (as in the story of the grasshopper and the ant), here is your official warning: if your “plan” for your and your family’s safety is to come to my place, you’re wrong. When you show up, I’ll ask you to leave. When you don’t, I’ll point a gun in your face. If you refuse to leave, I will shoot you. You are a threat to me.

You had years of time and very clear warnings to get ready. But you didn’t. Hey, I love football but haven’t been able to watch a game in a few years; I’ve been fixing up the cabin, buying supplies, and training with the Team. I spent a lot of money doing all these things so I haven’t gone on a long vacation in… forever. I have had several difficult times with my wife because of all the prepping I’m doing; I could have easily done what you did, which is just say “Yes, dear” and not prepare because she didn’t want you to.

I hope this message jolted you. There’s still some time. Go prep. Please understand that your plan cannot be “I’ll come to your place.” I don’t want to shoot you

I think Russia and China has played the West, I really do not think they are going to offer aid and comfort to the “enemy”. I understand economics dictates all situations but this is different.

There is a lot of animosity b/w east and west… I am not so sure those banks assets can be covered and why?

Wouldn’t it be better to start a business similar to your competitor without having to buy his business along with all his debts. Jerry I dont think we can guess this one 100%.

I really believe there will be a complete collpase of the Fed and even state govts. I implore you to read the 2nd American Civil War. It talks about the complete and utter fragmentation of this nation and its support structure. Why would the Chinese/Russians cover that play??

Paul Craig Roberts back to back with Michael Snyder. what a way to start the week with two rock solid people that really has a grasp on our economic calamity. You always do a great job Mr. Greg. Thanks to you for all you do.
Sambo

Thanks for another examination of current events. It was a good wrap-up. The last couple of years, I’ve tried to alert my elected officials in the state of Oklahoma to the many issues that I saw as important. The need for Obama impeachment, the need for gold back currency, Glass Steagal Act reinstated, the danger of the CFR and there roll in our government, the endless wars in middle east that the neo-cons in our government seem can never get enough of, the dangers of Islamic culture in America, the endless lawlessness within our leadership, the federal reserve and the threat of a future IMF special drawing rights against our sovereignty, the escalation of tyranny, and abandiment of a constitutional government, and so on. Like many of you I long for righteousness to preveil, but knowing all along that unless God Almighty sends revival there is little hope. Known of our leaders that I’ve contacted seem to be willing to even comment on most of these issues, though I’ve continue writing them. So my thanks to Greg for bringing the issues to the table with his many guest, and giving us a sobering view of what may be before us. May the Lord be with each of you, and comfort in these trying times.

Greg I was fortunate enough to feel the tip of the spear of our economical situation without very little damage being in the construction business for several years. you might say I was lucky to have come out alive in 2009. I have always operated on a cash base business model for several years because of good upbringing. That and with the help of God I feel is the core reason for my business survival. It is folks like you that keep me even more capable of future survival. Am I doing something to prepare with all that great Info you give us all? You better know it my friend and have been doing so for a long, long time for family and friends. As you say fear not. keep up the good work, you simply do a tremendous job.
Sambo

No Peter,
There is nothing wrong with my reputation and this is not a trading site. Nothing has changes since the interviews you mentioned only the manipulation and the criminal activity propping up the economy has increased–right along with the debt which now stands at nearly $18 trillion.
Greg

Did you say nothing has changed since the interview ? Yes , it did …gold goes down further and further … noticed ? You guys are all so brain washed with ” manipulation ” when it comes to gold/silver . Ever heard about a trend ? Cycles ? When gold is in an up-trend is that manipulation too ?
If your site is not about trading then why was Eric ask where gold will go ?
And your answer is ?

Peter,
$18 trillion debt and growing. Ever heard about a trend? You should go long the dollar and stocks. Everything is fixed and nothing bad will ever happen to an economy propped up by money printing and fraud. That’s my answer.
Greg

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Greg is the producer and creator of Greg Hunter’s USAWatchdog.com. The site’s slogan is “analyzing the news to give you a clear picture of what’s really going on.” The site will keep an eye on the government, your financial interests and cut through the media spin.

USAWatchdog.com is neither Democrat nor Republican, Liberal or Conservative. Before creating and producing the site, Greg spent nearly 9 years as a network and investigative correspondent. He worked for ABC News and Good Morning America for nearly 6 years. Most recently, Greg worked for CNN for shows such as Paula Zahn Now, American Morning and various CNN business shows.